Steel News - Published on Wed, 03 Jan 2018

The Turkish ship-recycling sector has maintained a degree of stability through the working week. Local steel plate prices have remained stable and, as a result, Turkish levels have remained steady as well.

On the back of which, Ship Owners with units to sell into the Turkish market, have gained a degree of confidence in the Turkish market once again and they are confident that at the current levels, it remains a good time to sell.

Most recycling yards are now reportedly full (given Turkey’s firming prices) and not interested in competing for tonnage. Local currency also remains relatively stable / strong against US Dollar as it gently heads firmer towards the TRY 3.80 mark. Yet most recyclers remain concerned about unexpected movements in local fundamentals that could eventually cost them a pretty penny.

As such, until well into 2018, we do not expect noteworthy moves from the Turkish market.